Explain the law of large numbers. how does this law apply to gambling casinos?

5.1.55 Question Help Explain the Law of Large Numbers. How does this law apply to gambling casinos? Choose the correct answer


Solution The answer is, ” C. As the number of repetitions of a probability experiment increases, the proportion with which a certain outcome is observed gets closer to the probability of the
outcome. This applies to casinos because they are able to make a profit in the long run because they have a small statistical advantage in each game.”

Because the probability become approximately equal to theoretical probability,so the casino makes the profit in the long run.

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